Barry's Accounting Services, Corp.
1852 Flatbush Avenue - 2nd Floor
Brooklyn, New York 11210
(718) 677-4006
E-mail:
clembarry@aol.com
 
Client Update - quarterly newsletter
 
 

 

Entertainment Tax Accountant, Financial Advisor, Business Manager - Barry's Accounting Services - Brooklyn, NY
Business advisors to the Stars

Entertainment/Performance Industry

What service we provide

We operate on the business side of the music industry. We specialize in Tax Accounting, Public Relations and Crisis Management.

How we get clients

We work in tandem with A&R, Producers, Business Managers, and Entertainment Attorneys - (outsourcing). We also get clients from the internet search engines, Speaking & Writing blogs, and distributing gift packages to attendees at festivals/awards, etc. All clients go through a verification process, even when our personal contacts refer them to us or make recommendations to us. It is in the best interest of everybody.

Our Clients (Who we focus on)

a) Artists who are signed to a Major or Independent record company or record label (Universal, Warner, Sony, etc.) and are planning concert tours in cities in North America, Europe, Asia, etc.
b) Resident Artists/DJ's.
c) Artists who want to resolve U.S. or Foreign tax problems/issues.

What we want from you

We want a copy of your contract with the record company/label; or a copy of the contract from each event promoter or booking agent that book you, including your tour schedule, playlist/set, etc. If you are hiring us to help you resolve a tax problem/dispute, we need a copy of the letter that you received from the taxing authority.

#1) E-mail inquiry

"I was wondering if you act as a sponsor/petitioner for O1 visa application." Warm regards.

Reply

Thanks for your inquiry. We have received a lot of similar inquiries. We are Entertainment Accountants and PR representatives for people in Music, Fashion, and Sports. We do not file I-129 Petition for them; and we don't act as a sponsor/petitioner for O1 visa applicants. We leave that specialty to/for their Business managers, Booking Agents, Event Promoters and Immigration Attorneys. That is their job.

#2) E-mail Question

I've just signed with Columbia Records and I received an advance against my recording contract. Would you like to be my manager?

Reply

Thanks for your Inquiry. I have received a lot of similar offers. I would suggest that you hire a business manager, a booking agent and a promoter to help you plan and book your concert tour at venues in the USA and overseas. I would then come in and work in tandem with your team or group to plan a calendar of events for each leg of your tour and ensure proper execution of the plan before each event occurs; and on the day of each event. In addition to evaluating and coordinating security details for yourself and adequate insurance coverage for the venue, we would negotiate with the appropriate media, travel, meals and lodging companies; and sponsors, merchandisers, etc. I would also ensure you benefit from my specialties:

a) Public Relations: (marketing or press release) is released ahead of time to adequately publicized each venue, is effective, keeps fans “camping-out”; and fill each venue to capacity. Ensure “sold out” concert held at each venue gets maximum media coverage and rave reviews before, during and after each of your performances.
b) Tax Accounting: (Revenue & expenses) is in Compliance with strict budgetary controls for each event on the tour calendar, ensure the tour gets tax clearance and doesn't face embarrassment from the U.S. and overseas taxing authorities, ensure royalty/earnings/revenues from multiple income sources (music sales, concerts, merchandise, endorsements, publishing, sound tracks, ringtones, voice-overs, etc.) in the USA and Overseas are received and accounted for; and are in the appropriate bank accounts (local banking, offshore banking, tax havens, etc.). Monitor investments performances, and prepare your personal and business tax returns in a timely manner and in accordance with International tax treaties, etc.


Our Privacy, Confidentiality & Ethics rules/policy

We do not disclose non-public personal information about our clients to anybody, except as permitted by law through a power of attorney signed by our clients; or a court order directing us to make disclosure. We also avoid getting involved in conflicts of interest. We are transparent (above-board) and we are on top of all our assignments. Everything that we have done for our clients was discussed with them, reviewed by them, and approved (written consent) by them. They have taken our advice; and none of them have had to endure tax or financial nightmares or file bankruptcy.

 

Overview

Barry's Accounting Services delivers superb service at an unbeatable price of 3%-5% because of our low overhead, and because we are business savvy. We are small enough to know you personally, appreciate your business, treat you as a valuable client, and ensure that you always benefit from our constant exchange of ideas; and we are diversified enough to provide you with an array of value-added services in other industries and cater to your needs quickly without having to go through red tape and board meetings.

Barry's Accounting Services will honor its agreement as stipulated in our written contract with the artist/artist manager: Design business strategies and articulate strategic plans that fit into aggressive marketing and public relations campaigns; ensure tours and release of your album is treated as priority; establish a corporation to manage business-related income, expenses, and investments in accordance with current bookkeeping/ accounting and tax rules; provide the artist/manager with clear weekly/monthly financial reports; review promoter's general/spectator liability insurance policy, event cancellation policy, artist non-appearance option; scrutinize contracts and modify exclusions, power of attorney, key man clause, sunset clause, back-end/front-end deals, guarantees (multiple shows, favorable routing, booking in other regions, etc.) and ensure that the artist receives adequate and timely payment from the record label, publishers, promoters, sponsors, and merchandisers, etc.; help artist renegotiate/buyout of existing contract(s); budget and coordinate concert tours; communicate with booking agents, label A&R department, and sponsor's liaisons; review prenuptial agreements and divorce decrees for tax consequences before the artist signs them; prepare a personal financial/retirement plan for the artist; plan, purchase, manage, and sell business entities approved by the artist; connect artist to overseas promoters and foreign entertainment accounting firms if this service becomes necessary; audit (tour accounting, royalty, publishing and merchandising companies) and hold everybody accountable for the artist's money; prepare personal and corporation tax returns; assist artist with purchasing, renovating, insuring, leasing, and selling real estate, boats and planes; screen key employees and business associates, and coordinate special events on your behalf.

 

Click here for "Financial Planning & Wealth Management"

 

Income
1) Appearances (promotional, opening act, headliner, movies, and fashion)

2) Tickets & VIP Packages (private parties, concerts, tours)

3) Ancillary/Residuals (studio rents, merchandise sales, endorsements/sponsorships, and advertisers)

4) Royalties (record company, copyright infringement, music and book publishers, radio playlist, songwriting, film and movie soundtracks, etc.)


Non-Income

Charitable, goodwill, and public relations appearances.


General Expenses/Overhead

Support staff/entourage: Agent, managers, producers, coach, choreographers, security, secretary, chaperon, beautician, publicists, attorney, bookkeeper, accountant, master of ceremony/announcer, casting directors, photographers, technicians, musicians, and foreign and local promoters and distributors.

Related expenses: Baby-sitter, maids, chef, butler, and gardener/caretaker (Forms W2, household employees vs. independent contractors), advertising and promotion, printing, postage, stationery, charitable contributions, insurance (property, health, disability, medical, and long term care), medical expenses, bank charges, pension contributions, transportation (air, limousine, tour buses, trucks), taxes and permits (local and foreign), meals, lodging, costumes, studio fees, rehearsal space, hall/stadium rent, lodging while on tour, leases, depreciation deduction, organizational expenditures/deferred expenses, musical instruments and related accessories, equipment repairs, opening acts/artist, stage lighting and decorations, audition fees, portfolio and resume, professional/membership dues, telephone and answering service, electricity, health club, physical training/education, script preparation, dance lessons, voice training, casual labor/stage hands, co-writers, record producers, mixers, taste makers, remixers, hit makers, engineers, co-publishers, costumes, rehearsal clothing/props, tips backstage (dressers, doormen, porters, bell hops, etc.), theatre books, sheet music, scripts, score cards, the cost of attending plays, movies, and concerts to observe trends in your industry and to maintain and improve skills in your profession, celebration, and special events in accordance with industry norm.

WARNING!
The Seattle Times, Tuesday, June 19, 2012.

"Pearl Jam former exec charged with stealing $380,000 from band"

"The former Chief Financial Officer of the Seattle rock band Pearl Jam was charged with 33 counts of theft for embezzling $380K, including unauthorized charges on the band's credit card, $15K in road cash, and an unaccounted balance of $35K for the 2005 tour. He allegedly used some of the money to pay vendors who were associated with two companies that he owns, and paid for credit card charges that he and his wife racked up at wineries, hotels, restaurants, and spas. He also made a number of unauthorized wire transfers. The theft was discovered by another accountant and Rickey Goodrich was removed as tour accountant in August 2009 and fired in September 2010. After the band had initiated its own financial audit and confronted Goodrich with the discrepancies, he repaid $45K for so-called loans he paid to himself by forging the band manager's signature. The Seattle police launched a criminal investigation in January 2011, and a summons was sent to Goodrich's home in California on June 28, 2012, ordering him to appear for arraignment in King County Superior Court. Goodrich, who had no criminal history, could face up to 5 years in prison if convicted."

 

WARNING!
The BBC, ABC & Independent News – Friday, July 07, 2012
The Times of India – Fri, July 07, 2012

"Trusted Secretary slowly stole £2.2m from U2 bassist Adam Clayton"

"Carol Hawkins was convicted on 181 counts of theft and sentenced to seven years in prison for the embezzlement of 2.8 million euro (£2.2 million), $3.5million from her employer's bank accounts during the period, 2004-2008. During the trial at the Circuit Criminal Court in Dublin, a jury of seven men and five women heard how Hawkins, of Lower Rathmines Road, Dublin had gained Clayton's "absolute trust". Hawkins was originally employed from 1992 as a housekeeper at Clayton's Rathfarnham mansion, in south Dublin. Having gained his trust over the years, she was eventually appointed his Personal Assistance and was responsible for some of his bookkeeping. Her former husband, John Hawkins also worked as a casual driver and cook for the U2 bassist. The couple, who lived in Clayton's home rent-free, was paid a joint salary of 48,960 euros ($61,200). Investigations later revealed Carol acquire 22 racehorses, splashed cash on exotic holidays, limousine services and designer boutiques in New York, such as Roberto Cavalli. She used the Rock-Star's money to purchase a Volkswagen Golf for her son Joe, and paid for fashion and film courses for her children. Judge McCartan said Hawkins' crimes were "rooted in greed and nothing else." He also made an order for funds raised through the sale of a New York apartment bought by Hawkins to go towards paying back some of the 2.8 million euro she stole. Speaking after the verdict was delivered, Clayton said he was pleased with the ruling and thanked his legal team."


The Scorpions
The Scorpions
 
Def Leppard
Def Leppard
Judas Priest
Judas Priest
 
Bonfire
Bonfire
Click here for "Billboard Magazine"
  Click here for "The Grammys"
  Click here for "Lollapalooza"
  Click here for "BET Stars"

Click here for "Entertainment Discussions"

Click here for "The Culinary Industry"

Click here for "The Sports Industry"

Click here to read "Music Blogs"